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Greenville Business Magazine

The Business Narrative: GE 'Vernova’

Jul 19, 2022 01:00PM ● By David Dykes

GE (NYSE:GE) announced July 18, 2022, the brand names of the future companies it will create through its planned separation into three industry-leading, global, investment-grade public companies focused on the growth sectors of health care, energy, and aviation.

GE HealthCare will be the name of GE’s healthcare business. GE’s existing energy portfolio of businesses, including Renewable Energy, Power, Digital, and Energy Financial Services, will sit together under the brand name GE Vernova. 

GE Aerospace will be the name of GE’s aviation business. 

Company officials said all three planned companies will continue to benefit from GE’s heritage and global brand valued at nearly $20 billion.

Additionally, GE announced that following completion of the planned spin-off, shares of GE HealthCare will be listed on The Nasdaq Global Select Market under the ticker symbol “GEHC.” 

By listing on Nasdaq, GE HealthCare will benefit from the exchange’s profile and track record as a market for innovative, technology-led public companies, particularly in the healthcare sector, company officials said.

GE said it intends to execute the tax-free spin-off of GE HealthCare in early 2023, creating an independent company driving innovation in precision health to improve patient outcomes and address critical patient and clinical challenges.

Building on a more than 100-year history, the GE HealthCare name and Monogram will serve as an enduring badge of safety, quality, trust, and innovation, company officials said. 

The new brand color for GE HealthCare is called “compassion purple” to reflect more humanity and warmth and achieve greater distinction, the officials said. 

They said the company will continue to be at the forefront of provider and patient care with more than four million product installations and over two billion patient exams a year.

In early 2024, GE said it plans to execute the tax-free spin-off of GE Vernova, GE’s portfolio of energy businesses, which together with its customers provides one-third of the world’s electricity and is focused on accelerating the path to reliable, affordable, and sustainable energy.

The new name is a combination of “ver,” derived from “verde” and “verdant” to signal the greens and blues of the Earth, and “nova,” from the Latin “novus,” or “new,” reflecting a new and innovative era of lower carbon energy that GE Vernova will help deliver, company officials said.

Those attributes also are reflected in GE Vernova’s new “evergreen” brand color.

With an installed base of more than 7,000 gas turbines and 400 GW of renewable energy equipment, GE Vernova’s Monogram will serve as a reminder of the company’s lasting commitments to deliver quality, partnership, and ingenuity to its customers, the officials said. 

Following the planned spin-offs, GE will be an aviation-focused company called GE Aerospace.

With an installed base of 39,400 commercial and 26,200 military aircraft engines, the company said it will continue to play a vital role in supporting the industry through a historic recovery while shaping the future of flight.

While too early to share specific site details, Greenville, S.C., will continue to be an important site for GE Gas Power, part of GE Vernova, and GE Aerospace, and was the location for GE's 2022 Investor Day event, company officials said.

The GE Monogram, new name, and new “atmosphere blue” brand color—representing the upper limits of the atmosphere—maintain the brand’s strong standing in the aviation sector, while setting forth a confident vision to compete and advance in the field of aerospace and defense for future generations, company official said. 

Following the planned separations, GE Aerospace would own the GE trademark and provide long-term licenses to the other companies.

SHL Medical Establishing Operations in Charleston County

SHL Medical, a leading provider of drug delivery solutions, announced plans to establish operations in Charleston County.

The company’s initial $90 million investment will create an estimated 165 jobs, according to the South Carolina Department of Commerce.

Headquartered in Switzerland, SHL Medical designs, develops and manufactures drug delivery solutions for pharmaceutical and biotechnology companies around the world.

 With years of experience, the company uses top-notch technology to create autoinjectors, pen injectors and innovative specialty delivery solutions that allow patients to self-inject at home.

The company also offers contract manufacturing and engineering services for products such as wafer testing equipment, laboratory handling equipment, neurosurgical devices and industrial equipment.

Located at 7791 Palmetto Commerce Parkway in North Charleston, SHL Medical’s Charleston County operations will expand the company’s global footprint to meet growing demand for its products to support more customers, Commerce officials said.

Operations are expected to launch by the second quarter of 2024. Those interested in joining SHL Medical should go to the company’s careers page.

The state’s Coordinating Council for Economic Development approved job development credits related to this project. The council also awarded a $250,000 Set-Aside grant to Charleston County to assist with project-related costs. 

Columbia, S.C., Mayor Selected to Participate in Sixth Class of Bloomberg Harvard City Leadership Initiative

Columbia Mayor Daniel Rickenmann is one of 40 mayors selected to participate in the Bloomberg Harvard City Leadership Initiative’s intensive leadership and management program.

Rickenmann joins a class of mayors who will attend in-person and virtual classes taught by faculty from Harvard Kennedy School and Harvard Business School and featuring experts from across the Bloomberg Philanthropies network.

Participants have identified top policy priorities including equitable growth, jobs and economic development, and poverty reduction; affordable housing and homelessness; transportation and infrastructure; and climate, resiliency, and resource management.

The mayors expect to grow in their capabilities to lead change and advance equity, innovate to tackle complex problems, build city-wide collaboration, and improve community engagement to inspire action and better serve residents.

The in-person portion of the program was scheduled to begin Monday, July 18, 2022.

Rickenmann is attending at no cost to the city.

Based on teaching cases developed at Harvard, sessions will focus on research-backed management and leadership practices and cover a range of topics from developing new policy and driving government performance to leading civic and resident engagement.

“This is an exciting chance for our city to collaborate with other leaders from across the nation and to bring innovative solutions to the problems we are facing in Columbia,” Rickenmann said.

Rickenmann will bring the Bloomberg Harvard City Leadership Initiative’s expertise to the city via learnings from some of Harvard University’s top educators, coaching from experts, a network of peers, and technical assistance. 

The program provides an opportunity to share promising approaches and learn from fellow mayors about the ideas helping to enhance the quality of life in cities around the world.

It focuses on teaching leadership, organizational, and problem-solving capabilities, rather than specific policy recommendations, and it is non-partisan.

The Bloomberg Harvard City Leadership Initiative — the flagship program of the Bloomberg Center for Cities at Harvard University — is a collaboration between Harvard Kennedy School, Harvard Business School, and Bloomberg Philanthropies to equip mayors and senior city officials to tackle complex challenges in their cities and improve the quality of life of their residents.

Launched in 2017, the Initiative has worked with 428 mayors and 1,400 senior city officials in 494 cities worldwide.

The Initiative also has advanced research and developed new curriculum and teaching tools to help city leaders solve real-world problems.

22 Holocaust Educators From 10 U.S. States Receive Coveted Lerner Fellowships

The Jewish Foundation for the Righteous (JFR) selected 22 middle and high school teachers from 10 states, including one from South Carolina, as 2022 Alfred Lerner Fellows to delve into the complex history of the Holocaust as well as discuss new teaching techniques for introducing the subject of the Holocaust into their classrooms.

The JFR’s Summer Institute for Teachers, an intensive five-day course, took place at the Hilton Newark Airport from June 25-29.

The 2022 Lerner Fellows include Megan Shaver from Beck International Academy in Greenville, S.C.

The program is a high-level, intensive academic seminar in which participants are exposed to noted Holocaust scholars, including: Doris Bergen of University of Toronto; Jeffrey Burds of Northeastern University College; Lawrence R. Douglas of Amherst College; Steven Field of New York University’s Grossman School of Medicine; Daniel Greene of Northwestern University; Peter Hayes of Northwestern University; Benjamin Hett of Hunter College; Samuel Kassow of Trinity College; renowned Holocaust historian and exhibition curator Paul Salmons; Robert Jan van Pelt of University of Waterloo; Edward B. Westermann of Texas A&M University; Robert Williams of the United States Holocaust Memorial Museum and renowned author Alexandra Zapruder.

It is designed to allow participants to meet in small groups following each lecture, address the specific aspect of the Holocaust that is presented, share teaching concepts and develop approaches to introducing the subject matter to their students. 

Teachers selected for the program must be English or social studies teachers at the middle or high school level, have taught at least five years, are at least five years from retirement and currently teach the Holocaust in their classroom.

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